Distressed firms and the secular deterioration in usefulness of accounting information

Article Abstract:

The article examines book values, accruals, cash flows, and earnings as tools for delineating the price - earnings relationships of financially distressed companies. While the usefulness of earnings and operating cash flows declined, accruals were found to be useful up to a year prior to liquidation or bankruptcy of a given firm.

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Promotional expenditures, market competition, and thrift behavior

Article Abstract:

A new study investigates the influence of promotional or advertising expenditures on the performance of US savings and loan companies between 1985 and 1989.

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Advertising agency terminations and reviews: stock returns and firm performance

Article Abstract:

A new study examines the link between advertising agency hirings and terminations, stock market reaction and company performance.

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